Bitcoin breaks through $7,900 to hit a record high, Morgan Stanley CEO's comments stand out

Despite the constant "forks", the price of Bitcoin (BTC) is still soaring. As of press time, the market price of Bitcoin has exceeded US$7,900, setting a new historical record.

In response, James Gorman, chairman and CEO of Morgan Stanley, commented that Bitcoin has received more attention than it deserves, but this phenomenon will not disappear overnight.

In an interview with CNBC on Thursday, Gorman said Bitcoin has not yet become a safe investment and holders should not expect it to be so.

“Something that’s up 700% in a year, by definition, it’s speculation, so anyone who thinks buying Bitcoin is a safe way to invest, they’re fooling themselves.”

“It could go up another 700%, but it’s more likely than not,” Gorman added.

Gorman's attitude towards Bitcoin is slightly more positive than that of his peers on Wall Street. For example, Jamie Dimon, CEO of JPMorgan Chase, accused Bitcoin of being a scam and publicly stated that "people who buy Bitcoin are stupid, and you will pay the price one day." In addition, Larry Fink, CEO of BlackRock, called the cryptocurrency a "tool for money laundering."

However, the criticism from these financial giants did not stop the explosion of Bitcoin.

Today, the price of Bitcoin reached a high of $7,942, just one step away from the $8,000 resistance line predicted by Goldman Sachs.

Gorman told CNBC that Bitcoin’s growing acceptance and use means it won’t “disappear overnight.”

But there are also some questions and uncertainties surrounding this cryptocurrency.

“Is this a necessary new form of store of value? I’m not so sure,” he said, adding that it’s unclear whether regulators and central banks will watch bitcoin’s growth.

Bitcoin supporters predict that the cryptocurrency will continue to break records as more users adopt it, with one analyst even predicting that Bitcoin could surpass Apple's market value within five years.

What do you think?